Ripple now owns a stake in Bitstamp

Ripple has become the owner of a minority stake in the European cryptocurrency exchange Bitstamp. About it on the official website reported venture capital firm Galaxy Digital, which brokered the deal. According to the venture firm, the deal took place in March 2023. However, its terms are not disclosed.

For the first time, plans to sell a stake in a hedge fund in Bitstamp became known back in early May. Then Galaxy Digital stated in quarterly reportwhich advised Pantera Capital to sell its stake in the exchange to the American firm Ripple Labs.

Pantera Capital hedge fund invested for the first time to the stock exchange in 2013. Then the fund invested about $10 million in the trading platform. data dealroom.co service, Bitstamp’s valuation in 2018 was $400 million. It is not clear how much the sold share of Pantera Capital is valued, taking into account the increase in Bitstamp’s valuation.

Bitstamp and Ripple have been business partners for a long time. For example, back in 2017 the exchange launched commission-free XRP trading service as part of the “incentive program from Ripple”. In the announcement, Ripple named the exchange as its partner.

In mid-May, Ripple lowered $250 million to buy the Metaco cryptocurrency depository. In company considerthat depository services will be the key business of the cryptocurrency market by 2030, when the capitalization of cryptocurrency assets managed by institutional investors will reach $10 trillion.

With Metaco, Ripple wants to expand its enterprise offerings by providing customers with not only custodial solutions but token issuance as well. According to Reuters, Metaco’s client list includes such financial giants as Citi, BNP Paribas, as well as the cryptocurrency arm of Société Générale bank.